Net board OKs USD200m bond issue

9 Jan 2008

The board of Brazilian pay-TV provider Net Servicos has approved a bond issue of up to USD200 million with a maturity of ten years, writes BNamericas citing local news service Agencia Estado as saying. The decision was made on 21 December although the operator has still to select a financial house and consultancy firm to coordinate the issue.

Net Servicos is Brazil’s largest pay-TV provider by subscribers. It had 2.4 million TV subscribers at the end of September 2007 and 1.3 million broadband users. The company posted net profits of BRL51 million (USD29 million) in the third quarter of 2007, up 341% from BRL12 million in the corresponding period of 2006.